Bernstein: COIN revenue forecast cut by 32%; four digital asset platforms bet on new products

According to Chaoxiang Research via TechFlow, Bernstein said in an October 26, 2026 research report that COIN's 2026 revenue forecast was cut by 32%; HOOD's Q3 revenue is expected to be $1.5 billion, up 13% quarter over quarter; CRCL's Q3 revenue is expected to be $770 million, up 10% quarter over quarter; FIGR's Q3 loan volume reached $5.1 billion, up 20% quarter over quarter.

Bernstein believes that, amid soft native crypto spot trading volume, the valuation anchors of the four platforms are shifting to new products such as prediction markets, perpetual futures, tokenization, and lending platforms, and all four maintain Outperform ratings. Regarding price targets, HOOD is $160, COIN is $250, CRCL is $145, and FIGR is $70. HOOD's new-product revenue share is expected to rise from 3% in 2025 to 25% in 2028, while COIN's is expected to rise from 2% to 19%; the pace of new product monetization will determine valuation divergence.

Source: TechFlow